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20110701
20110731
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a predicted economic disaster over the debt limit. let's bring in senior political correspondent, jon karl, please tell us there is some whiff of bipartisan compromise in the air. >> i would love to tell you that. there is no whiff quite yet. i can tell you in fact they are moving in the exact opposite direction. the house of course passed the republican version of the debt ceiling bill, john boehner's bill. the senate acted immediately to reject it. now i'm told the house is going to move forward tomorrow at 1:00 with a vote on the democratic version that harry reid has put forward. they're going to reject that. we will have republicans rejecting the democratic deal. democrats rejecting the republican deal. house-senate, no action. clearly there are negotiations going on behind the scenes. >> let's talk about worst case scenario. if the markets open on monday and tank, is there some trigger mechanism to avoid a cataclysmic event? >> there are emergency powers the president can exercise. before we get there, bill, what i expect to see happen is that the two sides will negotiate late into t
talk couldn't get the votes. they pulled it shortly before midnight. jon karl is watching it all from capitol hill. the speaker says he'll try again today. >> reporter: he will, but, gege, this debt ceiling crisis has become a political crisis for republicans. boehner will convene all 240 house republicans this morning to make one final push for it. but the reason he pulled the bill last night is he just couldn't get enough republicans to pass his own bill. republican leaders worked late into the night trying to get the votes to pass their own debt ceiling bill. reporters swarmed around utah republican jason chafitz. he told us he's still not sure. >> i'm surprised they are not twisting and ripping arms off. >> reporter: the speaker said he can't do his job if you respect there to support him. >> i am fully supportive of the speaker. i just can't support his bill but i do support the speaker. >> reporter: but for speaker of the house john boehner, the political stakes could not be higher. >> his leadership of the republicans in the house and being speaker is clearly at stake here if h
and jon huntsman met face to face. what did they say? >> it was a nice exchange, a nice greeting. wishing each other luck and being friends. that's the way that all the candidates on the republican side should be. >> reporter: halfway across the country in clear lake, iowa, two other candidates enjoyed the same parade though hardly the same crowds. >> hi there. happy fourth of july. >> reporter: the surging michele bachmann was surrounded by a sparkly throng of supporters and a new campaign bus. the fourth is a glorious day for all americans including candidates. for them, it may be a chance to take a break from their recent big obsession, cash. mitt romney expects to come in somewhere south of 20 million. tim pawlenty, jon huntman and ron paul all way south of that. around 4 million apiece. meanwhile, president obama could raise as much as 60 million, though he spent the day with men and women whose value is beyond priceless. >> i cannot think of anybody i would rather celebrate with than all of you, the men and women of our military and our extraordinary military families. >> reporter:
)s, other big costs. jake tapper and jon karl have been tracking it. >> reporter: last night after their prime time addresses to house speaker john boehner was overheard saying he didn't sign up to go mano a mano with the president after the president called for congress to compromise. the president spoke sternly to the american people last night blaming house republicans, especially freshmen, for holding up a debt deal. >> the only reason this balanced approach isn't on its way to becoming law right now is because a significant number of republicans in congress are insisting on a different approach. >> reporter: house speaker john boehner responded that the president wants to continue his rampant spending. >> the president often said we need a balanced approach, which in washington means, we spend more and you pay more. >> reporter: right now there are two competing bills, to raise the debt ceiling and reduce the deficit. a house one that likely cannot pass the senate and a senate one that cannot likely pass the house. both cut more than $1 trillion in spending and do not raise ta
on the outcome. abc's jon karl joins us with the latest. what about it? how close are we finally to a deal? >> reporter: getting close to a deal. the outlines of this deal include up to $3 trillion in spending cuts over the next ten years including some cuts to popular entitlement programs like medicare and social security, also, elizabeth, it would include a promise or a commitment that congress would bring more money in through tax revenues by reforming the code, closing some of those loopholes, something that congress would act on. >> that last one, isn't that basically a tax increase in disguise? >> well, certainly some will call it that. the rates won't go up. congress would have to act over the next year. if they didn't ago, automatic steps would be taken that both sides wouldn't like which would be tax hikes and spending cuts possibly talking about repealing part of the health care bill. >> even if president obama and speaker boehner reach a deal they have their own rank and file to make happy. i was struck by a comment by barbara mikulski. we heard reports of a trillion dollar cut
. abc's jon karl joins us from washington. all talks secret up until now. what more do we know about what president obama and the speaker of the house have been discussing. >> reporter: a big deal here, george. as you mentioned, this would mean that the president would go along with reductions in spending to social security and medicare, most likely cost of living increases going down and in exchange republicans would accept some increase in tax revenues as part of an overhaul of the tax code. as one top administration told me, we need to do something unthinkable on entitlements. they need to do something unthinkable on tacks. >> unthinkable may be the word. these talks have been going on between the president and speaker boehner but there hasn't been a lot of discussion among a wider conferences in the house and the senate democrats and republicans and i guess the big question coming out of today's meeting, when other leaders find out about it, is it something they can work with and is it something that will fly? >> reporter: a great question. boehner and the president may be able t
? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. the only thing that everyone seems to be accepting that any deal won't include any new tax increase. >> that's the big deal. you have harry reid coming up with a plan for democrats. that he says includes $2.7 trillion in spending cuts over the next ten years and gives the president the debt ceiling increase that takes him all of the way to 2013. republicans are already saying that those -- his plan includes gimmicks and phantom cuts. so the republicans are coming up with their plan, which would include about $1 trillion in cuts now. it would require the president to come back to congress next year to ask for another debt ceiling increase. >> that's the huge sticking point for the white house. the president has made it clear time and time again that he won't sign a short-term increase. he squashed it at the meeting last night. >> republicans leaders have said that as well. they didn't want any short-term solution to this problem. they changed their tune on this. white house said
Search Results 0 to 6 of about 7